1,2 and 6/1018 Plunket Street

Saint Leonards Hawke's Bay

Unit

Currently for sale - view listing

Overview

Outstanding Investment Opportunity

On offer is a residential development fully tenanted by an iwi-backed lease arrangement presenting an outstanding opportunity for passive investors seeking a steady income stream with tenant security. The development comprises of 15 two-bedroom townhouses built in 2022. We currently await title to divide these units into 6 separate opportunities, being 3 triple unit blocks and 3 double unit blocks. This listing specifically relates to the triple unit opportunities. Situated on a prominent site in Stortford lodge and five minutes’ walk from local amenities and Parks, the town houses are all leased to a sole iwi tenant - Te Taiwhenua o Heretaunga. With the entity assuming responsibility for vacancy and management risks, the development offers the stability of long-term tenancy, underscored by a five-year lease to October 2027 and options for two further three-year renewals, ensuring continued returns and growth opportunities. Each of the approximately 75sqm townhouses are nearly identical in configuration, with storage areas, clotheslines and courtyards. The quality of the build, which adheres to government-approved standards and is constructed from low-maintenance, durable materials, provides reassurance about the longevity and durability of the asset. Each townhouse has been designed to comfortably accommodate tenants, with private amenities and on-site facilities including management, fibre connectivity, and rainwater detention tanks supporting a modern and efficient living environment. Located adjacent to an established residential community and light industrial services, the property is proximate to key services, including the regional hospital, supermarkets and the Hawke’s Bay Expressway. This is an outstanding opportunity to purchase a low maintenance passive investment with a strong tenant backing. For further lease and rental information about the available options to purchase please contact Richard Liley on 021443904 or email enquiry.